How to Choose the Right ITR Form for Your Income

The Last date to file ITR for FY 23-24, AY 24-25 without a late fee is 31st July 2024. 

Filing your Income Tax Return (ITR) is a critical responsibility for every taxpayer, but choosing the right ITR form can be a daunting task. With multiple forms available, each catering to different types of income and taxpayers, it’s easy to get confused. 

Fortunately, Tax2win makes this process effortless with its AI-enabled platform that automatically selects the most appropriate ITR form for you. Whether you prefer to file your taxes yourself or need expert assistance, Tax2win has got you covered. Let’s dive into the different types of ITR forms and see how Tax2win can simplify your tax filing experience.

Understanding the Different Types of ITR Forms

The Income Tax Department of India has prescribed several ITR forms, each designed for specific categories of taxpayers. Here’s a quick overview of the most commonly used forms:

• ITR-1 (Sahaj): For individuals with income up to Rs. 50 lakh from salary, one house property, other sources (interest, etc.), and agricultural income up to Rs. 5,000.
• ITR-2: For individuals and Hindu Undivided Families (HUFs) not having income from profits and gains of business or profession.
• ITR-3: For individuals and HUFs having income from profits and gains of business or profession.
• ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) with a total income of up to Rs. 50 lakh and income from business and profession computed under presumptive taxation scheme.
• ITR-5: For persons other than individuals, HUFs, companies, and persons filing ITR-7.
• ITR-6: For companies other than those claiming exemption under section 11.
• ITR-7: For persons including companies required to furnish returns under sections 139(4A), 139(4B), 139(4C), or 139(4D).

Note: Selecting the correct ITR form is essential to avoid legal complications and ensure the smooth processing of your tax return.

Say ‘No’ to the confusion of selecting an ITR Form with Tax2win. Let our AI-enabled portal choose it for you. File ITR Now!

How Tax2win Simplifies ITR Form Selection

Choosing the right ITR form doesn’t have to be a complex process anymore. Tax2win’s AI-enabled platform is designed to simplify this crucial step by automatically selecting the appropriate ITR form based on your income sources and other relevant details. Here’s how Tax2win can make your tax filing journey seamless:

1. AI-Integrated System: Tax2win’s platform leverages advanced AI technology to analyze your income data and automatically select the correct ITR form. This ensures accuracy and compliance with the latest tax regulations.
2. User-Friendly Interface: The platform is designed to be intuitive, guiding you through each step of the filing process. Even if you have little knowledge about taxes, you can file your ITR confidently.
3. Automatic Form Selection: Simply enter your income details, and Tax2win will automatically determine the most appropriate ITR form for you. This eliminates the guesswork and reduces the risk of errors.
4. Comprehensive Assistance: Whether you choose to file your ITR yourself or seek expert assistance, Tax2win supports your needs. While the DIY platform is perfect for those who prefer to handle their taxes independently, CA-assisted service offers personalized guidance from experienced Chartered Accountants, ideal for those who find taxes complicated. 

Tax2win – Your Go-to ITR Filing Platform

DIY ITR Filing with Tax2win

For those who like to take control of their tax filing, Tax2win’s DIY ITR filing platform is the perfect solution. Here’s how it works:

• Step-by-Step Guidance: Follow the simple steps to enter your income details, deductions, and other relevant information.
• Automatic Form Selection: Based on the information you provide, Tax2win’s AI system will automatically select the correct ITR form applicable to you. 
• Quick Filing: Complete your filing in less than 4 minutes and submit your return with just a few clicks.

CA-Assisted ITR Filing with Tax2win

If you find taxes overwhelming, Tax2win’s CA-assisted ITR filing service is here to help. Here’s what you can expect:

• Schedule an appointment
• Provide the necessary documents, and let our experts handle the rest.

Hire an Online CA to File your ITR and say ‘No’ to stress. 

Conclusion

Choosing the right ITR form and filing your taxes doesn’t have to be a stressful experience. With Tax2win’s innovative platform, you can file your ITR quickly and accurately, whether you prefer to do it yourself or seek professional assistance. Our AI-enabled system ensures you use the correct ITR form, making the entire process seamless and error-free.

Visit Tax2win today to get started. Make tax filing a breeze with our user-friendly DIY ITR Filing platform or expert CA-assisted services. Let Tax2win guide you through the complexities of tax filing so you can focus on what truly matters.